Regulatory compliance risk management

The Hanoitimes - Vietnam has been going through an exciting time of change with higher risk management standards and best practices adopted by the banking sector. South Korea’s leading corporations tap into Vietnam’s finance - banking sector Brokerage revises up earnings forecasts for Vietnam banking sector Industry 4.0 has positive impacts on Vietnam's banking sector Vietnam lays out development strategy of banking sector until 2025 In order to thrive in this digital age and with the adoption of Basel II, Vietnamese banks will need to assess their current data governance processes and adopt proper controls to raise their risk resilience, according to experts. Overview of the conference. Source: PwC Vietnam. This is increasingly important as more regulations are being established around the world to manage the complexity of the banking sector and new banking activities, stated industry experts at a conference discussing the “Future of … [Read more...] about Vietnam banks advised to raise risk resilience in digital age

Việt Nam continues to achieve robust growth accompanied by moderate inflation and a relatively stable exchange rate. —Photo tapchicongthuong.vn Economic growth in Viet Nam had proven resilient despite weakening external conditions, driven mainly by strong domestic demand and a dynamic export-oriented manufacturing sector, according to the World Bank (WB)’s update on recent economic developments in Viet Nam. According to Taking Stock, the WB’s bi-annual economic report on Viet Nam which was released yesterday, the pace of expansion was forecast to remain at 6.8 per cent this year, higher than the projected figure of 6.3 per cent for emerging markets in the East Asia and Pacific regions. Over the medium term, in line with global trends, Viet Nam would see a slower pace of 6.6 and 6.5 per cent in 2019 and 2020, respectively. Inflation would remain muted at 4 per cent as the result of tightening monetary policies. “Despite a challenging global context, … [Read more...] about Viet Nam’s economy grows robustly but risks intensify

The third biennial EY Global Forensic Data Analytics Survey examined the responses of 745 executives from 19 countries and analysed the legal, compliance, and fraud risks global companies face and the use of forensic data analytics (FDA) to manage them. Intensifying regulatory pressures are on the top of the mind of business leaders, with 78 per cent of respondents expressing increasing concern about data protection and data privacy compliance. However, with more than two months to go until the General Data Protection Regulation (GDPR) comes into force on May 25, 2018, only 33 per cent of respondents state that they have a plan in place to comply with the EU legislation. While the average response of those in Europe was more positive, with 60 per cent indicating they have a compliance plan in place, there is still much work to be done in other markets where significantly fewer companies indicated readiness for GDPR compliance, including Africa and the Middle East (27 per cent), the … [Read more...] about EY: Global companies still unprepared for GDPR compliance

Better Work Vietnam expands to northern region
The Better Work Vietnam programme in the apparel industry was launched in Hanoi on March 19, expanding its scope to the north and footwear sector of Vietnam.
Jointly organised by the International Labour Organisation (ILO), the International Finance Corporation (IFC) and the Ministry of Labour, Invalids and Social Affairs, the programme aims to enhance the operation efficiency and competitiveness of export enterprises.
As part of the Better Work Global programme, it plays an important role in connecting the interests of the private sector and the observation of Vietnam ’s law and basic international labour standards through training services and assessments.
After proving its efficiency in the south, in the 2014-2019 period, the programme will expand to Hanoi and surrounding localities by giving support to businesses in both apparel and footwear industries.
Addressing the launching ceremony, Deputy Minister Pham Minh Huan said he … [Read more...] about BUSINESS IN BRIEF 23/3

RESOLUTION Key solutions for directing the implementation of the social-economic development plan and State budget estimate in 2012 Despite many difficulties and challenges in 2011, the national economy has, as guided by the sound leadership of the Communist Party and drastic measures taken by the Government, as well as fuelled by efforts exerted by sectors and agencies of all levels, the business community and people, moved positively and obtained an array of significant achievements in curbing inflation, stabilizing the macro-economy, and ensuring social welfare. These included an economic growth rate of at about 6%; agriculture developing stably; food output making a new record high; industrial production increasing fairly; service and tourism sectors continuing with their growing trend. Export turnover saw a three fold rise over the preset target; trade deficit went down sharply; State budget overspending dipped; the currency and credit balance were put under control; the foreign … [Read more...] about Key solutions for realizing socio-economic development plan